FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!
WEDNESDAY, DECEMBER 31: The CME has regular trading hours, and Total Farm Marketing offices will close at 3:00 p.m. (CT).
THURSDAY, JANUARY 1: The CME and Total Farm Marketing offices are closed.
CORN
- Corn futures remain lower at midday as the market continues to lack direction. March futures are down a penny to $4.41-1/4.
- Algeria looks to import 1.15 million tons of feed corn through February to ease the current domestic shortage according to the Agriculture and Rural Development Ministry.
- Daily ethanol production for the week ending December 19 averaged 1.095 million barrels, down 3.2% from the week prior and 1.1% lower from the same week last year. Ethanol stocks totaled 22.528 million barrels.
SOYBEANS
- Soybean futures are mostly weaker at midday due to rainfall in South America. March soybeans are up 00-1/2 cent to $10.64-00.
- The USDA announced an export sale of 136,000 mt of soybeans sold to China for 2025/26 delivery. There was also another export sale of 231,000 mt sold to unknown destinations for 2025/26 delivery.
- China recently vowed to improve and increase soy production to become more self-sufficient and not rely so much on imports. This has added more skepticism regarding China’s demand for U.S. products.
WHEAT
- Wheat futures are mostly lower at midday, following the corn and soybean markets. March Chicago is down 1-00 cent to $5.23-3/4 and March KC is 2-1/2 cents lower to $5.24-3/4. Minneapolis wheat is the strong leg of the wheat complex with March futures up 1-1/4 cents to $5.80-1/2.
- Russia attacked the port of Odessa again overnight, damaging structures and a vessel. There are some doubts that a peace deal could be made in the near future.
- SovEcon has raised their Russian wheat export estimate by 0.4 mmt from the group’s previous estimate to 44.6 mmt.
Author
Tanner Wilson